The S&P 500 fell 1.1% to 1,553.69, the largest drop since Feb. 25. The Dow Jones Industrial Average closed down 0.8% to 14,550.35 while the Nasdaq finished off 1.1% to 3,218.60.

4. -- Japan is making a sweeping shift in its monetary policy, aiming to spur inflation and get the world's third-largest economy out of a long, debilitating slump.

Bowing to demands from Prime Minister Shinzo Abe for more aggressive monetary easing, the Bank of Japan announced Thursday a policy overhaul intended to double the money supply and achieve a 2% inflation target at the "earliest possible time, with a time horizon of about two years."

5. -- The European Central Bank left a key lending rate unchanged at 0.75%. The Bank of England also kept interest rates unchanged Thursday.

6. -- Facebook shares gained 3.3% to $26.25 on Wednesday on expectations that the world's largest social-media platform is poised to announce a new Android phone.

Sources said Facebook is going to build its own operating system, based off Google's Android, keeping users on the social network. The phone, which is reported to be an HTC phone, will come with Facebook's native apps, including Camera and Facebook Messenger to keep its users from venturing outside Facebook's walled garden.

Facebook is set to make the announcement at 10 a.m. PST on Thursday. TheStreet is covering the event live.

7. -- Lululemon said Sheree Waterson, its chief product officer, is stepping down effective April 15.

Lululemon said the departure was part of a plan to reorganize its product team to support long-term growth. The yoga wear maker wouldn't comment specifically if the departure was related to a recent problem with see-through pants.

8. -- Google will launch a new version of its Nexus 7 tablet powered by Qualcomm's Snapdragon processor around July, two sources told Reuters.